Leisure Vehicle Checks...

Research evidence excerpt

Leisure Vehicle Checks...

Leisure

Leisure Vehicle Checks... June 4, 2026

Harley appears to be seeing continued strong retail momentum through May.

Powersports also seem to be holding up, and in particular Can-am's Defender

HD11 was called out as having particularly strong retail performance. However,

RVs are underperforming expectations from earlier in the year and marine remains

in a soft retail environment, but at least not getting worse. Inventories across Greg Badishkanian

categories look solid today, though we sense incremental risk of inventory creep gbadishkanian@wolferesearch.com

(646) 582-9340

in the RV industry. View Greg’s Research

View Comp TablePowersports

Catherine Lee

BRP's Defender HD11 called out as a particular market share gainer this year. clee@wolferesearch.com

The lineup starts with a 2-seater SxS vehicle with at an MSRP of $22.7k. We have (646) 582-9341

heard commentary across dealers over the past 6-12 months that cabbed units have Spencer Hanus

performed exceptionally well; BRP's product seems to be taking advantage of this shanus@wolferesearch.com

(646) 582-9344

dynamic. Commentary from our dealer checks suggested BRP's retail sales have View Spencer’s Research

sustained momentum through May. See Exhibit 1 for the full HD11 lineup.

Travis Harbauer

BRP's pricing/strategy has not changed since the tariff announcement in mid-April. tharbauer@wolferesearch.com (646) 582-9343

The OEM has continued to ship product into the US and has not adjusted pricing for

this selling season. On the last earnings call, management noted pricing as one way to Scott Stringer, CFA sstringer@wolferesearch.com

offset the incremental $500mm in costs related to tariffs, but also hinted that pricing (646) 582-9351